Sri Lanka cabinet gives ok to sign Thailand FTA
Economy Next - 26 January 2024
Sri Lanka cabinet gives ok to sign Thailand FTA
Sri Lanka’s cabinet of ministers has given approval to sign a free trade agreement with Thailand, the state information office said.
A complete FTA of 14 chapters with the preamble and annexes has been prepared after nine rounds of negotiations.
The government hopes to improve trade and investment with Thailand which is one of the largest nations in South East Asia.
Sri Lanka has high levels of import duties and protectionism, which has kept local prices high and allowed domestic producers to exploit the public, critics say.
High tariffs also makes the economy inefficient and noncompetitive.
